296 Values and Used Market

Is there markups above sticker for brand new titled cars with delivery miles? Asking for a friend who has a brand new 2024 GTB that just arrived and might be looking to unload the car. Lol.

 

IMO Ferrari is like any other brand on the planet. And they are fast destroying whats left of their brand with outrageous pricing and arrogance. Maybe I am getting older but the Ferrari mystique has gone for me and the latest design language is all the same to me and not particularly inspiring (except I do like the 296GTB). Eventually this will catch up with them like it has with many other companies who believed their own BS. No free cash and recession or almost recession across the globe kinda does that to you whether Ferrari like it or not.

BTW still want a well priced 296GTB and offered dealer 15% below MSRP for a near new demo one. They said nope but there is no rush...

 

Much different scenario than just canceling an order that hasn’t been built yet. One will burn a bridge and the other won’t.

 

Are there markups, yes. Are they selling, not so quick. Maybe 10-20k over for a nice spec. Hopefully they are some where where they didn’t pay sales tax, otherwise they will end up losing money.

 

Think you are at least 2 years away before you will see 60k discount on a new car. Maybe you should have told them that you want free paddock club tickets to an F1 race along with 15% off.

 

But....but....everyone has cancelled their orders!

 

I know. My dealer keeps calling me asking if I was interested in a BOGO. Had to block their number.

 

Is that a challenge. BTW in my geo taxes are INSANE so 15% is fully tax loaded. Actual discount is more like 8-9%. So we are getting closer

 

Where on earth are you located? I incorrectly assumed US and my statements would only be applicable for that, since I have absolutely no idea on pricing in the rest of the world.

 

you are VERY fortunate being in the US when it comes to tax on cars. Enjoy it my friend

 

I’m going all in with @Shack for the win.

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I think you and I are the only ones seeing the 296 market for what it is, overpriced, overloaded with inventory, and nothing moving because sellers won’t smack a 20% under MSRP bid. And until that happens inventory will continue to build.

 

You aren't alone. It's reality which is why you better want the car and it is a nice car.

 

It’s a nice car, in fact it’s a very nice car. I had a deposit on a 296 GTS until I took it for a test drive, after which I decided to pull my deposit. Did I still like it, yes, but I didn’t love it. And while my build spec was about $440k, I was certain it would be over $500k by the time I took delivery and at that level I’m a hard pass.

 

Diving deeper into this comment, G, it’s interesting. The concept of buying a car that one doesn’t or only half wants because they think they can make a few bucks. The market would be much healthier if only filled by people buying the car bc they wanted it. Not bc they wanted a quick profit.

For me, I think this car is killer. In the right spec it’s timeless and beautiful. Delivers 98% of the speed of a 765 with far more usability. It just needs to be more engaging to be “perfect”. Hopefully the VS takes care of that. In the meantime, a beautiful car inside and out with usability and that is nimble enough to play with but can run sub 10’s on the street. Yes, I think that works!

 

I agree, my issues run deeper with the brand and dealership. I wouldn't trade your 765 for it though, no comparison in my opinion.

 

I wouldn't trade or sell my 765LTS ever IMO - just such an accomplished stunning car. As with you my issues run deep with the brand (not so much the dealership). The brand (for me) has become a bit "meh" with nothing exciting and that different that its a "must have". 296GTB is stunning but I can wait for prices to implode based purely on supply and demand. It would be a great car to drive as a DD but I am done losing $100k just because I want it now. It can wait and I will pick up one of the many secondhand or demo's avaiable.

 

765 stays. I have a hard headed opinion that one day it will be appreciated for how special it is by the broader market.

 

1000000% 765LT is in a league of its own

 

With Ferrari it is also about your profile so to move up you need to buy cars you may not necessarily desire. In my case, I have bought quite a few (not nearly as many as some) but certainly a meaningful number, still own 3 and also have been doing Club Challenge since 2020. What do I get? Overlooked for a std car in the first round, a significantly delayed delivery on the GTS and nothing else. I did get an early Puro prior to the base price going up however Ferrari is now mandating options that I dont want which pushed it right back up. I am about done and have already listed one car for sale and ready to move the other 2.

 

So with the glut of 296 (I cancelled my car cause I couldn’t fit- no drive time in it) does Ferrari change their model of regular car and then VS? Regular cars seem to be not moving now that the market and economy has normalized. Gone are the days of buying these stupid things for appreciation- they don’t appreciate in normal times. Last 4-5 years has been an anomaly.

 

One dealer told me the VS may be more similar to the XX and priced accordingly. No clue if there is any truth to it but it would definitely price a lot of people out of buying one (they will still sell every one they make because the loyalist can’t resist).

 

Agree, as I've said before, yes Ferrari is in a different league, but still just like Z06, and Ford Raptors, has now lost its steam in bringing big money beyond MSRP. I have seen a couple 296 move in the last week but the below MSRP example I pointed out last week still seems to be available

 

I don’t think people are stupid and will burn money for no reason- regardless of their wealth. 296 from what I heard is an amazing car but 500k used to be a lot of money. Man I miss my 488 which seems like a bargain today.

 

Yeah but when is that coming out? 2 years? Deliveries 3 years from now? We are in a perpetual “wait for the next special car” cycle with Ferrari. Nothing is available and then all of a sudden 50 cars show up on autotrader. Look how many sf90s for sale. 296. Romas etc. You guys think Purosangue will be any different? Or the 12C in a few years? Anyone buying a car for investment purposes better stick to vintage and actual collectibles. The modern day altars are meant to be enjoyed and driven. Not parked in a garage.